30th October:
I remain bearish and actually feel we are very close to the Wave -a- high that should hold below the 41.4%-50% retracement at 80.37-74 with a focus around 80.47. Once complete we should then see losses in a new Wave -a- that I suspect will approach and perhaps marginally break the prior Wave -iv- low at 78.10. From there a correction in Wave -b- and then a final Wave -c- lower that I'll have to judge as we approach.
Only a break back above the 81.20 pivot resistance would put the downside under threat and could resurrect the uptrend.
INTRADAY STRUCTURE
30th October:
It appears we had seen an expanded flat in a daily Wave (b) to 78.93 and from there we are towards the final stages of a Wave (c) and actually in the Wave c of Wave v… The 58.6% projection in Wave v is at 80.41 and 66.7% at 80.51. (also note the 85.4% at 80.74) These match the 58.6%-50% retracement in daily Wave -x- and thus we should find a high in this broad area - I suspect the 80.41-50 area - to allow the larger decline to resume.
First drop should be into the span of Wave b of Wave v and second to around the Wave iv - potentially forming the Wave [i] of a new Wave -a- lower.